would have this twitter and why he'd short gamestop.e saying no, no, don't listen to short sellers. i think there's a little bit of that with the street saying downgrade to underperform and everybody on reddit saying buy, buy, buy. >> perplexing. the fundamentals for best buy are horrible they're horrible >> trying to raise more money in the bond market. >> yeah, if they can do it. >> one stock to keep an eye on, cisco reports results. chuck robbins here tomorrow morning, 9:00 a.m. eastern that does it for us on "squawk on the street. "techcheck" starts now >>> good wednesday morning welcome to "techcheck. i'm deirdre bosa live from san francisco along with andrew ross sorkin on the east coast carl and jon have the morning off today. the nasdaq is lower today. the major underperformer but up 20% off its june lows as bank of america says it' seeing some of the biggest in-flows into tech seema mody joins us. >> -- led by tech which saw over

with bed, bath & beyond leading the train car with amc and gamestop also.s were down in august already. with market losses, they've gotten back half $1 billion of that loss. so when their active we are seeing short squeeze. bed, bath & beyond is interesting because the short squeeze weave swing -- we've seen have been replaced with those who basically jumped in at five or $10. alix: isn't short interest totally different than it was a year and? -- a year and a half ago? >> this was declining overall in the market. recently we've seen an uptick as short-sellers are putting back their positions because they missed much of the rally. the string to increase their long positions. in these stocks we are seeing $2 billion worth of shortages from amc and gmb. we've seen big plays on this. >> so in terms of current positioning, how would you describe it? is this -- as the market is evolving, new shorts have come in. how big are those compared to the ones that were previously there and how much staying power do they have in terms of the volatility we are seeing? >> t

gamestop will give raises to senior store staff. need to work at the company to qualify for the bonuses. >> nice bonuses there. >> thanks, frank. >>> 4:42. saving our climate in crisis. still ahead on "today in the bay," the household item you can easily replace to help reduce haful waste. rmwe flex alert! flex alert! a power outage is looming. that's just alert, he's always getting worked up about something. flex alerts notify us of preventable power outages. that way we always know when to help stop one. okay, flex, just drop some knowledge on me again. oh okay, i will. i'll turn our thermostat to 78. i'll unplug the blender. the hair dryer. - my blankie? - yep! - let's taco 'bout it! - nope. ohh, we can save the laundry 'til the morning. yes please. oh, little things like this help save our power and help save us from outages. with flex alerts, the power is ours. learn more at powersaverrewards.org. >>> a very good thursday morning to you. taking a look at the bay bridge toll plaza commute this morning. kind of light. at least yo

gamestop was the tide that lifted all boats in january of 2021. then amc caught fire in early june, late may when the ceo embraced retail trading. then you saw that play out with bed, bath & beyond. you are looking at it where there are not fundamental reasons for the rallies. bed, bath & beyond will give a strategic update on wednesday. that is a speculative event for investors to play with call options on bed, bath & beyond by itself. katie: let's dig into bed, bath & beyond. one question in the survey was, which stock would go bankrupt within the year? 45% expect bed, bath & beyond to go bankrupt in the next year. what are we expecting to hear on wednesday? bailey: the big focus was laid out by morgan stanley. they are looking for comments on cash. the company has continued to burn cash the last few years dwindling the cash position from over $1 billion a year ago to closer to $100 million. looking for cash burn. comments from vendor reports. we saw a reports from two weeks ago maybe they were not getting good supplies because they were running

we talk about what important metric in a company, operating income it's negative in gamestop. but if you want to buckle your chin strap you can trade here. there's support potentially on the chart at $34 whether you talk about all these stocks, amc, bed, bath & beyond. bed, bath & beyond is interesting. elon musk may wake up and get one of the 20% discount flyers and decide to buy it this is a high beta. if you're a trader and use stops hop in the water is warm. if you're talking long-term investment like bob was, i think you stay away from the first two names and if you want to take a bet, bet on bed, bath and beyond being bought for a lot of reasons but not the fact that they're making money. >> we wonder where all the money is coming from this time around or if this is sustainable. people like jeff was saying, it has to be some kind of good sign if there's interest in meme stocks and crypto. these are liquidity gauges if you want to call it that, momentum gauges, signs of life for the broader market. >> right with the s&p up 10% in the last few weeks this is a sign of a ret

the other thing that reminds me of gamestop, we have not heard anything from the company. they're not issuing new shares as of yet, something cramer has been urging them to do to take advantage of this financial lifeline they have a brand-new ceo. how are they reacting to this? >> we talk about that in our note, too. they did have a little communication or blurb out the other day saying they're speaking with the banks on restructuring their debt and figuring out ways to move forward. i think we'll hear more when they do report the second quarter earnings it sounds like they're working on something >> okay. susan, mike, thank you both very much bed bath & beyond now tanking. >>> netflix is reportedly considering a big change in its ad-supported tier. we'll discuss that news and a slew of other streaming headlines with former disney and tiktok executive kevin mayer you're watching "closing bell. dow is down 11 points. s&p 500 and nasdaq in positive territory. s&p is led by energy information technology is also strong we'll be right back. ♪ ♪ wow, we're crunching tons of poly

he's the chair of gamestop, the original meme stock. much of this is driven by him and how much is truly driven by general retail investor sentiment? >> definitely in the retail trading community, the wall street bets community, the meme stock community, ryan cohen seems to have pretty significant sway on the markets. i can't speak to anything of that nature. if you look at when he takes a position, the markets move. the move we saw today, after already a massive move, can highly be a tribbett it to the news he took call options. i think that came out last night or this morning. he is an interesting person in this space. obviously first with gamestop, but has made a lot of moves over the last 18 months that have definitely been followed by the retail investment community. you can't ignore what he does, at least in the short term. emily: in general, we are seeing this on reddit and twitter, what would you say the role is of social media in stock market movements these days? >> the rule of social media and social platforms in general is,

guy: gamestop is skyrocketing.t the hedge fund short position looks like an aggregate right now? what lessons have we learned? >> that is such a great question. you do have a lot of short folks stepping up. some are very bearish about the future. there are plenty of funds making money on the short position. they do feel those pains when they happen. guy: it absolutely has. we will see what happens here. the numbers are eye watering. go take a look. it is worth a peek right now. these stocks are being stopped because of relativity. great stuff. thank you very much indeed. this is bloomberg. ♪ alix: the s&p is now up by 0.2%. the nasdaq is flat. abigail doolittle is tracking the source. abigail: look at this. this is bed, bath & beyond, it halted for volatility. this is over the last three trading weeks. this is pretty incredible. it started around report the company was seeking liquidity from private loans. that got some of these traders enough fuel for this rally. now it's up almost 500% over the last 14 trading da

take a look at gamestop, amc entertainment, bed, bath, & beyond, gamestop is the one really out per foreforming up at 8% bed, bath, & beyond despite the massive moves the last couple weeks still off about one-third of it value over that time period it is this volatility here we're focused more on. some of these names especially the original meme stocks have seen quite a bit of shortages in their shares if you take a look at the shares that they have short or bet against it versus the number that they have of shares out standing, gamestop roughly 20% of its shares outstanding is held short bet against, right about 19% for amc entertainment. a whopping 36% for bed, bath & beyond among these three 3ed, bath & beyond could have the most volatility if people decide to push this around covering the shorts and what not. if you look at russell 2000 index where many of these stocks live that is perhaps where you could see even more short interest that could drive some of the action there. other names besides some of these meme stocks that have seen some interest there are the ones you've known about or

gamestop notching gains of about 2% on a down day in the broader market. let's listen to how some bloomberg television guests are reacting to this moment. >> memes come and go quickly. same thing with prices. volatility down, stock market up. perfectly conditioned for meme stock actions. >> gamestop has been steady. it has maintained better than some other stocks. bed, bath & beyond, there is probably a play here. >> is not sustainable if you use an mental analysis. >> for leadership to be maintained, we don't think that is sustainable. >> we have seen a turn in terms of general market environment and getting involved in capital markets. i think that is why we are seeing a meme stock surgeons -- resurgence. katie: let's get more from billy on the phone. they just ran a survey on this topic. will the meme mania fizzle out? two thirds said no. let's start simple. why? >> i think it is a combination of factors like some guests mentioned. you have trading applications like robinhood. you have the ability for retail traders to buy far out call options. you have

with bed, bath, & beyond it's august and it's fun and it's little disturbing down sharply after gamestop chairman ryan cohen filed a notice of unteintent to semicosell his entire stake in the company. this stock soared by 360%. this is based on yesterday's close. of course, yesterday i wasn't in tuesday to point this out. you know, he filed a new 13-day. but the options purchase that's seem to be cited in the part has fuel for the rise, we're not new. they were old. and there is no reason for them to really file a new d i still don't understand they did include another 2% in ownership stake. >> jim, it's very possible it's possible he's out already it's possible he sold all the options. i'm not sure he has to file on the options at all we wouldn't know why wouldn't you and shouldn't this be something at least that the sec takes a look at? >> all right so if i were chairman ginzler or head of enforcement at the agency, i would call the council of bed bath & beyond and ask if you gave approval for the sale of an insider stock. which would be certainly deemed within his spirit. so what you

sometimes that looks like bed bath and beyond or gamestop and the stock goes up. sometimes it's going to be a more sophisticated version of arbitrage as it was before, gamestop made wall street bets famous. they're going to basically keep looking for inefficiencies and exploiting them so they're able to profit. to further evidence this is here to stay, i just noticed that the street has like a section called meme stocks; right, and you have goldman sachs with a division for social media and all the sentiment bots going out and reading it so now the participants going in through the market have now made room for the retailers to sit down at the poker table and actually play in the long term. liz: heck, why not? it's been a long time coming. my dad used to say, those big guys on wall street, they know before we do. not so much anymore. jaime, good to seeout thank you very much. >> yes, thank as lot for having me on. liz: come back again. jaime rogozinski. after a gut wrenching 62% drop this year, peloton make ago prime move. the fitness maker striking a partnership

. >> gamestop has been steady.the interest there from the retail world has maintained better than some of the other stocks. bed, bath & beyond, i think there are a lot of factors that play. >> gamestop is not sustainable if you use fundamental analysis. >> for leadership to be maintained in those areas, we would not think that is sustainable moving forward. >> we have seen a turn in terms of the general market environment and people interested in getting involved in capital markets. the two of those things together explain why we are seeing a meme stock resurgence. tom: bloomberg contributor's on the current meme mania. we are joined by the founder and ceo of finemize. it claims to be helping to democratize the investment landscape. thank you for joining us. before we get to the meme stock phenomenon, let's start with what is happening more broadly, global interest rates and slowing growth. how is that impacting your business, your clients, the retail investors who use your platform? are you seeing a reduction in t

ryan cohen was sort of a hero because of the traders because of gamestop. >> he is chairman of gamestopyou the quote, not tell you the source. this is a bait for retail he performed to get them buying. liz: well, yeah. okay. >> there is a lot of -- liz: conspiracy. >> good way to put it. liz: thank you very much. lauren simonetti. closing bell. we're four minutes away. the s&p is on pace for a fourth day of gains out of the last five. the nasdaq is on pace for the first gain in three days. the dow just fumbled all of the gains. so geeked up with that. the dow is down nine points. have you guys looked at big u.s. banks? some of them outperformed rather beautifully. morgan stanley, goldman sachs, citi, they're all up nearly 20% since the end of june beating the s&p 500's 13% gain. today's "countdown" closer, they had a nice run. how about this bank he has in mind that could make your portfolio greener than ever? to tell us the stock he loves right now, by biondo investment visor, joseph biondo. give us the name. it is not a huge one, is it? >> it's not. silicon valley bank. silicon valley

gamestop, of course, and we talked about the analysts.yond. >> you know contrarians have long looked for that kind of stocked. the upside potential looks horrible, heavily shorted if you hit it. >> you know, they happen very, very rarely. there are reasons why bed bath & beyond is teetering on bankruptcy >> i was curious, you know, what this all means for ryan cohen and his ability to replicate this in the future he got in as an activist, kind of received a consult-like following, and he still has that with gamestop, but people look at what's happened with bed bath & beyond, and his 'only been in it for a few months, he got the settle metropolitan on the board and then cashed out. do you think that, given what we have seen with bed bath & beyond, we will see him pop up again in a different retailer? >> or something. i don't think ryan cohen has proven himself as an activist investor he is a meme celebrity most of these gains are coming from that. i have yet to see any brilliant insights yet >> if he was a real activist compared about the

it will be digital this year, which means you don't really need gamestop. i have implored gamestop to get together with mark zuckerberg and asked for how to get into the meta-verse because it is beyond anybody how to put the meta-verse together. but when i went to game stop, which there are way too many of, they might be able to show me how to do it and then i could play canasta with my kids. >> if you know how to. i don't know how to play canasta. >> david, i am up loving today and you are crushing it. >> i am going to do app loving right now. i don't know. did somebody wake up and decid , today is a good day to launch an unsolicited all stock offer for a company? by the way, your shareholders are going to own more of it than our shareholders will. we have the stock, but don't worry. we will get rid of that and we will give you, in consideration, as he share that doesn't trade right now. okay. sure. well, they did. >> this is what i am talking about. this is a strange thing. >> it is a strange thing. let's go over the basics, because it does consider that.

gamestop has made a lot of moves over the last 18 months. they have deftly been followed by the retail community. you can't ignore what he does. >> in general, we are seeing this on reddit. quick the rule of social media and social platforms in general is we do disseminate information quickly. the ability for retailers to communicate to some extent. this was to give retail a place to learn, to collaborate, to share. it is a powerful tool. there is a lot of education and hardships that come out of it from a community perspective. >> any regulatory concerns at a moment like this? >> not so much. we have our house rules. we don't see any massive regulatory issues along the lines of social media. >> coming up, silicon valley possible best not venture capitalist go the biggest check ever to adam neumann, sparking an outcry about another tech guy feeling up. this is bloomberg. ♪ >> they just made one of the biggest ever bets on the man behind wework. some would call it the we disaster but the firm writing's largest single check investment to a res

if everybody remembers the gamestop phenomenon, folks on reddit who decided these were companies thatt against the companies and say we are going to stick it to the man and we're going to buy what are kaulss options, betting that the stock will go higher and we could create a pressure point if you will that will actual push that stock up and create the sort of self-fulfilling prophecy. there were a lot of folks who bought into bed bath and beyond and in the same way and ryan cohen who is an investor who was the chairman of gamestop made a big bet on bed bath and beyond. and then a lot of his followers dumped into it and bought into it hoping that it would go up. he put three people on the board and bought stock options claiming that the company could be worth $60 to $80 at some point. this is when the stock was trading at $10, $14. well, ryan cohen saw that the stock got up to $25, $30. he dumped his shares just yesterday. the stock is now down 40%. but in the meantime, there is a whole bunch people that got rich knowing when to get out. but unfortunately, as with all of the stories,

they could potentially sustain, gamestop is still not sustainable at if you use fundamental analysis.upply and demand, activist investors and decide if we want to have it be this price and we will hold it here until it's worth that price. sonali: you take a look at something like the round hill mean etf and that tracks popular meme stocks, but it's not rising like you are seeing, this really big group of traders surrounding bed, bath & beyond. i'm curious as to what you're seeing is the next big trade for this group. jaime: he's actually a big fan of wall street bets. i've always had a criticism towards meme etf's because of certain regulatory constraints that exist. and i'm not super enthusiastic about the concept. that stock comes and goes quick. and etf has to restructure, rebalance, add a thing to it by which time the meme stock is over. so i think the concept behind it is good but the execution, i doubt bed, bath & beyond has that proper waiting on it. it's a lot of people trying to go for that in the execution is just not quite there. guy: why am i not seeing the same thing in c

and essentially, you know, forestall the demise we saw gamestop do it and amc do it the problem is it would be incredibly diluted to their existing shareholders. and by the way, you know, they're going to need to raise a lot of cash. we're talking about $5 million at least enough to pay the $200 million that they have outstanding on their asset credit facility and the $248 million that is am coulding due in 2024. >> shouldn't they do that right then now at this moment with the stock where it is? >> well, two things. it's a lot easier said than done the other thing is when gamestop in particular did it, i mean, the stock price was significantly higher significantly higher so look, let's give you some numbers here let's just say the stock is at $20 and they issued $500 million a stock. that would be $25 million new shares issued. they only have $80 billion shares outstanding now >> well, again, if you're describing a crisis, then perhaps nothing is too farfetched we appreciate the thought either way, anthony for your conviction. thank you for joining us >> thanks for having me. >> antho

as i say, about things like the bed baths and gamestops, and amc?- >> got it. >> larry summers. >> no hard feelings. sweet greens, no -- >> you can go on you can go on all day long, but we're out of time. keep it here we'll be right back. ♪ music ♪ ♪ dream, dream when you're feeling blue ♪ ♪ dream, dream ♪ accenture. let there be change. ♪ ♪ ♪ ♪ ♪ ♪ >>> welcome back to "squawk on the street." rick santelli here with the last breaking news of this session in the form of our june final read on wholesale inventories it moves down one tenth to 1.8 do remember inventories have been really surging. it was just in february, the biggest month-over-month change since report keeping on the sales side, the june number is up 1.8 that's triple expectations it really is a good thing to do. lately inventory has running a bit ahead of sales this matching it up. so up 1.8 on both a subtle revision from up 0.5% to up 0.7. interest rates falling dramatically, falling faster in the short maturity, hence steepening the curve, what's known as a bull steepening there's a

gamestop, amc entertainment, bed, really taking in much more significantly when it comes to the selloff and after the bell, it's down in line with the broader market, coming back down to valuations. earlier we spoke to the head of macro research. take a look at what she had to say. >> over geopolitical periods, like the fall of the berlin wall, the ratios adjusted. in the short, 20th-century with a cold war and more supply-side driven shocks, you had two world wars. we are not going back to a cyclically adjusted ratio like we did in that period. kriti: let's bring in more insight with david, the head of u.s. equities at global wealth management. thank you as always for joining us. i want to pick up their, the question of valuations with p/e ratios picking up in light of the rally that we have seen in the month of july and through early august. is it sustainable? yeah, -- david: it's hard to see much more expansion from here. earnings for the s&p 500 and looking back historically, the only time the market has gotten higher than that in the last 25 or 30 years is when real rates were nega

>> he put one of the gamestop tags holders that had their i. d. one of those in her casket. >> when "dateline" continues. with xfinity internet, you get advanced security that helps protect you at home and on the go. you feel so safe, it's as if... i don't know... evander holyfield has your back. i wouldn't click on that. hey, thanks! we got a muffin for ed! all right! you don't need those calories. can we at least split it? nope. advanced security that helps protect your devices in and out of the home. i mean, can i have a bite? only from xfinity. nah. unbeatable internet. made to do anything so you can do anything. >> it was four days after that awful morning in the video games store. amber belken's funeral was huge. as if in death she had been adopted by the community around her. >> over 600 people. and the ones that couldn't get into the chapel, waited in the lobby and in the parking lot. >> is that a comfort? >> a very big comfort. that she touched that many lives. >> they loved amber. they said, we love amber. >> as amber's parents watch, th

has to look into, it goes well beyond that amc and some of these other stocks as well, gamestop obviouslye but do you expect to see action, enforcement action from the s.e.c. to prevent these sort of things from happening? >> i think there's a likelihood that there will be some enforcement action, but i also think it's possible that the s.e.c. will consider rule making the problem you have is that for some people, this looks like it's a game and it looks like it's a way for them to pad their own earnings by getting unsuspecting investors to follow along with them. >> you're talking about for the companies? >> i'm sorry >> you're talking about for the companies, would the companies have the blame here? >> i think that the blame is really on people who are using social media and others to tout their investments, to obtain a following on the part of unsuspecting investors, and then have the rug pulled out from under them by simply dumping their securities with respect to the companies themselves, i think bed, bath and beyond have made it quite clear that it was in dire straits, so it was onl

. >> what gamestop did and amc did. took advantage of the situation. fact that we are seeing the meme return, the fact that bed, bath & beyond is up more than 60%, does that signal something about the market is it getting frothy >> so people -- >> sentiment wise? >> my problem with that conclusion is that these people pick a stock, they pick this one before, and they operate on it and we can't draw any conclusion about them because they're genuine outliers in the system i don't think it's speculative what you did see in the last few weeks are a lot of not great companies that came public, putting in a nice round bottom that i see constantly. if you look at a auburns, warby parker, these are companies that were brand names that came public. >> cutting costs now >> exactly. >> thread up today. >> they're cutting costs they recognize they can't spend endlessly and do secondaries you have that dead right >> so you're saying that's a sign that market is -- good things are happening >> yes they don't want everyone -- >> it's not just going you >> we have a b

barrick gold up about 5% today and the meme stocks are on the move amc, gamestop, bed bath all higherple by is reportedly the most searched named on reddit's wall street bets today. that explains why we're seeing a 38% pop in the shares. only $3, though. 11 bucks and gamestop the only one of these stocks that is still higher since january as you can see. let's get to bertha coombs now for a cnbc news update bertha >> hey there, kelly. president biden and the first lady are seeing firsthand some of the extensive flooding damage in eastern kentucky. after this stop the president participated in a disaster briefing >>> and within the last half hour the pentagon announced another $1 billion worth of military assistance is going to ukraine. it's the largest single package of u.s. arms and equipment that has been sent to help ukraine defend against russia's invasion >>> and david mccullough, the author who popularized american history for millions of readers, has died at the age of 89. he was awarded two pulitzer prizes for his biographies of president harry truman and john adams. the ceo o

amc, gamestop, bed, bath & beyond all lower. bed, bath & beyond was the big underperformer. that was the big story last week. >> thank you for the monday roundup. elon musk has subpoenaed jack dorsey in his latest attempt to get out of the deal. must has accused the company of misrepresenting the spot account and highlighting the names of them toys responsible for dealing with issues. why was he subpoenaed? >> he was the ceo for six years. has been on the board until may for the entirety of the company's existence. if anyone knows about the growth , who handles metrics, who is reporting the earnings call, jack dorsey. also a product person. >> twitter has subpoenaed a bunch of inner circle, entrepreneurs and investors. remind me of the indirection that happened that is documented in filings leading up to him getting offered a board seat at twitter and tim offering to buy twitter. >> there also friends. we saw shortly after elon got the steak in twitter, he reached out jack dorsey, started the conversation about how to get involved, that led to a board seat offer and that led

gamestop is higher. an interest in at bath and beyond, they are doing quite well off this rally. finally, let's take a look at travel. the cruise line it, disney, expedia all higher. the travel traded, it seems like it is back on, especially in the sectors. guy: great stuff. thank you very much. that's it when it comes to europe. the next 24 hours, plenty more still to digest. today, cathie wood is joining etf iq. that is for the whole hour. i'm looking forward to hearing what she has to say. alix: coming up, you've got biden signing the chips act. coming up, balance of power with david westin. this is bloomberg. ♪ this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bi

robinhood's easy—to—use interface made it a hit among investors trading from home as gamestop corp> duringonomic and social research think tank is warning that more than 5 million households with their savings exhausted by 2024 due to the cost—of—living crisis. while predicting a slight fall in gdp over the next two years, it said that the risks of a deeper recession was growing. joining me now is anna macdonald, fund manager at amati global investors. good morning to you. not cheery news by any means but none of us are surprised to hear the conclusions of this thing thank our way? conclusions of this thing thank our wa ? ~ , , ., y conclusions of this thing thank ourwa ? ~ , ., conclusions of this thing thank ourwa? , ., ~ �* our way? absolutely not. we're 'ust our way? absolutely not. we're just seeing _ our way? absolutely not. we're just seeing the _ our way? absolutely not. we're just seeing the news _ our way? absolutely not. we're just seeing the news get - just seeing the news get unrelentingly worse about what is happening, in terms of the cost of crisis, particularly what is happ

if my son came home and said he tripled his stock in gamestop, i'd give him money to triple his trade know when to get out? should vow nop i do think it's far more like vegas than what it would be. >> let me ask you one more quick question in terms of shorts. its go scary because you knew the retailers could run you out. some of the more tried hedge funds were not doing shorts they might have done in the past. is this coming back or way too short of a market to try to short anything >> i think they know what they're doing. they'll be on top of that. what they found out with gamestop several months ago was that all of a sudden retail is a risk to the individual, the institution's provision. because they're thing about it themselves, they need to have the expertise to know when they're taking on too much that was a big lesson in the institution al l al world learn them. >> my son came home and said he met with a financial planner. >> the baseball guy? >> the baseball guy, yeah. you met him. he met with a financial planner with his new job and he'll be setting up with a 401(k), which is

halts ended yesterday's session 29% higher thises after a regulatory filing monday night that shows gamestop chairman ryan cohen placing another bet with strike prices between $60 and $80. that means he's betting the stock can rise as high as $80 per share. for context, the stock closing on monday at $16 cohen purchased it and grabbed a lot of attention the ticker was the most popular mention in that chat room yesterday. we're going to talk more about the story in the next half hour with tom sosnoff from tastytrade on where that is coming from. >> lowe's did come in with just in terms of earnings per share better-than-expected number. that's what we saw from home depot yesterday too. pretty handy beat on that bottom line but if you look at the revenue number, revenue came in below expectations 27.5 versus what the street had been expecting and the comp store sales were down 3% compared to expectations of an increase and with home depot, 6.5%. yesterday lowe's shares were higher at the beginning of the session when people were looking at home depot numbers, they were under pressure by the aft

our favorite company we like to go visit you see gamestop obviously we have amc this morning issuingurity what's happening here? are they related >> you know, i think they're related. there are still people that have made a ton of money over the last couple of years they're going to dabble in that momentum and play those trades one way or the other listen, you know, i'm of the belief -- i'm in the alan patricof camp as it relates to the inflation. i think things are going to settle out i think people are going to be surprised at the strength of the market going into the back end of the year, early 2023. you can see it every time there's a little bit of good news, markets have a very strong rally and crypto markets have a very strong rally. it just seems like there's a ton of short positions out there, andrew people get their faces ripped off when they least expect it. trust me, it's happened to me more than once. >> so what does that expectation mean from what we're going to hear from jay powell in jackson hole later this week >> mohamed erian was saying to you earlier, he's made som

fundamentals will matter and we've seen that after quarter after quarter of disappointments like amc and gamestopsn't laid out a strategy. if you look at the longer-term perspective, money has been on wall street's side but the retail traders are continue to pilot -- pile it. katie: a year ago, two years ago, you might trillions of dollars of stimulus both from the government and federal reserve. it feels like a very different set up. billy: it is completely different and you're not paddling with the difference that the traders are stuck at home in their pajamas but there still is an opportunity for retail traders to make back money and make up some of the losses they have seen. when you look at it from the perspective of where it is at and where it was trading, this is a gamble to recoup losses and buying against buying and that is something we see where amc is seeing similar rallies and it continues to lead itself. when you see -- feed itself. guy: there has been a little pickup in crypto in the last month. what is the relationship in chris -- crypto and meme stocks? billy: the thesis around cr

alix: you use to cover gamestop, bed bath & beyond.not going to ask specifics, but i want to get your take on the meme stock trend versus fundamentals. despite these headwinds we keep talking about. brian: i have no idea. i covered those names many years ago windows businesses actually trade on their -- when those fundamentals -- when those businesses actually trade on those fundamentals. anna: thanks a lot. alix: i want to point out you have s&p off by 1%, nasdaq 100 off by 1.3%. it has picked up steam after solid data, the jolts data, i think we can make a line you have good data means hop that means bad for stocks. you see the two year yield jumping by seven basis points. coming up, we talk about consumers more. they are still spending. what it means for jewelry makers, pandora, for example. we talk to the ceo, coming up. this is bloomberg. ♪ at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this.

gamestop, we never talk about gamestop anymore, but we should because it's a mall-based store and i don'tif anyone has watched the mall-based stocks. but the decline in david simon stock of simon property group is frightening. it now yields 6.7. i think he's the smartest in the group. look at that. >> we did an interview yesterday talking about office occupancy, guys, national average 40 since may. and maybe that's a summer dynamic. but even texas hasn't been able to crack 60. >> if i were president, if i were king of the forest, i would say -- i would go to -- i would have a summit meeting with -- >> at the white house? >> with fed chief powell and i would say, listen, we've spent trillions and we don't have any billion to be able to build anything this is all engineers we need. imagine building a factory in ohio you need a couple -- no, there's a -- we're talking about a high intensity machines from lam research what we need is to convert those office buildings if you go next door, there's one wall, they're putting apartments in there what -- chief powell needs more than anything else i

you might recall gamestop and amc going to astronomical heights.we see asian companies listed in the u.s. which have a very limited profile in asia rising to heights that even their most fervent advocates would never justify. in the case of the stock that you mention, it's trading at 400 times earnings and about 1000 times earnings if you strip out what was gained. this is way beyond any justifiable metric and investors need to be very cautious when looking at these names. dani: thank you so much for joining us. let's get to the first word news with juliette saly in singapore. juliette: ruling out raising the u.k. energy price cap if he becomes prime minister, his rival warned against throwing money at a short-term fix for the problem. instead of allowing it to rise again in a few months. republican liz cheney has suffered a crushing defeat in her bid for reelection. she is now calling on americans to unite across party lines to keep donald from winning the white house again. she made a point of conceding to her opponent, something she long critici

cisco rising after a an upbeat forecast and bed, bath & beyond sinking on the back of a filing by gamestophair ryan cohen's firm. bloomberg's kristine aquino is here to tell us all about the day. kristine: emily, it really is all about the dip buyers today. in the absence of volume, the path of resistance for stocks is higher. green across the board in the text complex. the nasdaq finally delivering a gain, the first in three days. even semiconductors, they have been battered for the last two days but they are finally ending the day higher by 2.2%. as you mentioned, bed, bath & beyond definitely missing out on this rally, after the news about ryan cohen wanting out of his stake of the company. that has made for a plunge of nearly 20% on the day. but the good news is that it is not nearly enough to undo the 400% rally that we have seen since july. that is going to hurt, though, for retail traders who have plunged into the stock here. one thing to keep an eye on in the text complex, evaluations. keep an eye on those. the nasdaq is currently trading at a price multiple of 24. that is well abo

short gamestop january 2021 and everyone is short and is being run over.here has been press recently about the pain higher electricity prices are causing in the united states and that is certainly a legitimate issue but the problems europe is facing not only now but particularly in the winter with the prospect of heating bills is an order of magnitude higher, and that is obviously going to have negative repercussions for european growth, and that ultimately will have implications for the u.s. on so far as u.s. companies export goods and services to europe is reasonable to expect the profitability of that venture or those ventures to calm under downward pressure. kriti: let's talk about the europe side of the story, i want to talk about fund flows. if there is this wall of worry for the rest of the world, which seems more than economic state in the states, doesn't that guarantee more fund flows into things like the equity market and treasury market as well? cameron: no one has -- is forced to buy equities. you can always not buy equities and sit on cash. th

gamestop down 5.5% that is looking mild could be another wild day for stocks buckle up. amc down 35% bbby down 40% last week. >>> bitcoin and ethereum prices alsoing moving lower after aew days of trade. the wider crypto market fell on a longer timeline, the last couple months, but different story as ethereum is out performing bitcoin let's talk about this with my friend and colleague mackenzie sigalos. you probably just stayed up, mac, on the west coast >> good morning, brian i did get sleep. bitcoin and ethereum down. double digit losses in the last seven days bitcoin more than 12%. ethereum more than 17% it is a similar story for other cryptocurrencies with the collective market capitalization with tokens falling 11% in the same time period this drop in prices is coinciding with the inflation worry and the data from germany which was high inflation that came out friday. we also got updated guidance from the fed officials say they remain committed to raising interest rates until they are able to curb inflation in a meaningful way. that is not surprising for a time the

it is also gamestop and amc which is getting the new love. the meme traders are back at it, do dom. >> a cycle they come in and out you never know >> it is wild. on some of those days when bed, bath & beyond is up, it is really up. for no news. >> i remember doing the market check yesterday with gains and thinking it is happening all over again. >> it started friday yesterday was a big day. >> courtney reagan, thank you. >>> to the breaking news and developments around what is characterized as an unprecedented investigation. the fbi executing a search warrant at the florida home at mar-a-lago outside of palm beach. all over documents taken from the white house. we have susan mcginnis with more >> reporter: dom, good morning this never before seen search of the former president private residence is over classified information that donald trump took from the white house and delivered to mar-a-lago when he left office. the fbi on monday executing a search warrant on mar-a-lago. >> this could only happen if a judge found probable cause that evide

> as we head to break a quick check on the memes stocks that have been all over the place we see gamestopof course, surged earlier this week, though, they're pretty much flat in the premarket. flat for them. game stock down 0.8% is nothing. bed bath and beyond, up by not much nasdaq markets up by 0 president 6% the other markets, 0.2%, 0.3%. we'll be right back. only at vanguard, you're more than just an investor you're an owner. that means that your goals are ours too. and vanguard retirement tools and advice can help you get there. that's the value of ownership. j >>> elon musk floats nearly $7 billion in tesla shares as his request to terminate his offer to twitter. >>> it's wednesday, august 10th, 2022 you're watching "worldwide exchange" on cnbc. ♪ >>> welcome back i'm wilfred frost in for brian sullivan a very good morning to you let's kick off the half hour with a check in on u.s. future, pointing higher after a decline yesterday. the nasdaq was down half a percent. the s&p bringing its fourth day of declines in a row of course, just bring back a slight risk off sentiment feel to p

amc, gamestop, bed, bath & beyond all lower. amc introduced its preferred shares today. it did not seem to help the stock at all. but bed, bath & beyond was the big underperformer. that was the big story last week. emily: thank you for the monday -- for the monday round up. elon musk has subpoenaed jack dorsey in his latest attempt to yet out of his $44 billion deal. musk has accused the company of misrepresenting its bot account and hiding the names of employees responsible for dealing with bot issues. here to give us the update is bloomberg's kurt wagner who covers twitter for us. why would he subpoenaed jack dorsey? >> he is the ceo of the comfy for six years. he's been on the board until may for the ink -- for the company's entire existence. for who is reporting on the earnings call every quarter, it was jack dorsey. this is someone who knows the company intimately. he is a product person and probably knows how they talk you late transactions. emily: we know various entrepreneurs and investors, remind us of the interactions that happened between musk and dorsey that

he is the founder of chewy and gamestop keep in mind bbby shares are tumbling today, but more than doubled coming into today this month. a roller coaster ride for the new jersey-based retailer. >>> still on deck, giving a big boost to american chip companies. the ceo of one semiconductor company is here to breakdown what the legislation out of d.c. means for his company to compete on the global stage. we're back after this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones >>> welcome back nearly one year ago, the remnants of hurricane idada role up on the east coast and caused damage in new york and new jersey forecasts did not show how fast the rain would fall. maybe no more. diana olick looks how companies and governments are using unique weather prediction technology to safeguard assets it is all part of the continuing series of the rising risks of climate change >> reporter: when tropical storm ida blew in new jersey a year ag

that is something we have been tracking, whether it was amc in june 2021 or gamestop in january 2021,it's shortage was over 100%. that is something that retail and hedge funds are keeping an eye on you because it is an easy way to generate alpha. especially when you look at the s&p 500 and nasdaq 100. taylor: appreciate it. i hate to say a humble tease. we are doing a 4:30 to 5:00 mean special today. some business headlines all day long, 80 look at some of the biggest stories in the news right now. experts on which watches at rose last month. demand for luxury timepieces soared during the pandemic. exports to the u.s. were 13.5%, the biggest after overtaking china last year. the american owners of manchester united may sell their stake in the team. bloomberg is a learning that apollo global management has expressed interest. manchester united fans have called for a change in ownership because of the team's disappointing performance in recent years. china making a rare public comment on its sales of the top gun sequel. it says the american filmmakers should show more cultural respect.

. >> gamestop when it made its move, there were questions about the viability of that company and its franchise. there still are. many analysts had price targets that were single dingts. same with amc, given the tr troubles it had. this works best when you have a company that's being heavily shorted. the prospects for which are really in doubt, and it's working well and nobody plays it better nobody, deirdre, than ryan cohen, right >> exactly what about adam aaron? he's raised a lot of money on their mean stock status. >> yes, great point. he actually is the maestro when it comes to it. >> he's the master. >> you could argue amc is in a better place as a result of the mean craze, raising so much money to give it the cushion it needed, given how much indebtedness it had to take on during the pandemic when nobody was going to a movie theater it's tomorrow, isn't it, that you're going to get that preferred share? essentially acting as a split of the stock. >> yeah. what is that, a split on steroids, that's what i've heard it been called. >> we'll have to keep an eye on shares. >> we coul

gamestop apparently boosting compensation for some employees in store the retailer will give workersay raise in company stock to motivate and retain employees. >>> warner bros. discovery hitting pause on a number of films. "aquaman" and "shazam" is cutting back as they look to save money. >>> and pink floyd catalog is not close to striking a deal with blackstone. "worldwide exchange" is back in a moment makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market. >>> shares of peloton on the move ahead of the its earnings report results are out ahead of the open the figures on the back of news that peloton is strike ing a del with amazon. marking the first partnership in the bid to broaden customer base and navigate supply chain worries and reduce the store foo

gamestop, beth -- bed, bath & beyond and weber are down 6% or 7% or so.t to take one more look at the bond market. all we are talking about is what will happen on friday when chairman powell takes the helm at jackson hole. it is the short end of the curve that is likely to move the most. we have seen yields on the short end moving up over the last several days and over the last month. up 21 basis points. we are back up to 328 point -- 3.2887. it feels like we are tilting work back in the hawkish direction. guy: we are seeing the pivot. that seems to be what is happening in jackson hole. kailey leinz is in favor of this question. should this day be a one day workweek? is powell the only thing that really matters? michael kushma joins us to give us his take. friday is coming. feels like a long way away, still. how are you positioned into powell and what do you think he will say? michael: i think that we need to be a bit cautious going into friday, as well as given overall market uncertainty and economic uncertainty as to what will happen. we have inflation

possibly, his entire stake in the company repeat he may sell his entire stake cohen is the chairman of gamestopond biggest investor. >>> on and taiwan taking steps to tighten ties this move could make beijing angrier. >>> follow our podcast our show is on all of the major podcasting platforms. >>> dow futures in the green we're back after this. football, housewives... whoops. oh no... the housewives are on the field. i repeat, the housewives are on the field. i just want to talk! yeah! who flips a table? get your tv together with the best of live and on demand. call 1-800-directv >>> could the stock market recent run and calming done? what is happening today and tomorrow could bring sellers back in. >>> oil sneaking under $90 a barrel is a run back to 125 do5$125 are corner >>> and sticker shock on what you pay for health care in one state could be going way up. we'll tell you the state and what is happening on this thursday, august 18th. this is "worldwide exchange. >>> welcome or welcome back. hope you are having a good start to the day or end if you are watching from asia or australia. hello

at first it seemed like this isn't a redo of gamestop at least with bed, bath & beyond, we are seeing purchases surpass those levels i'm sure institutional investors are also in the mix. >> i wish we could figure this out. how many of the traders, retail or otherwise, that are putting on this trade do you think were the same folks putting on the trade a year, year and a half ago at this point? or do we think this is a new group, a new gang? >> one thing i think is really, really important to keep in mind is that things have changed since early last year. even when you look at wall street bets. people i was speaking with earlier this year said a lot of the veteran traders have left wall street bets this cast of retail investors has evolved. i i this it's tough to paint it with a broad brush i would be reluctant to say it's the same people. i think a lot of professional investors think retail is going to flee the market as soon as things get tough it doesn't look like they've done that. a lot of retail investors have hung around. recently we saw retail investors make up about 12% of equ

where mostly young people on internet message boards are hyping the company up the way they did gamestop. bed, bath & beyond up like 59% this week alone. the general stock market under pressure after investors got a read of the fed minutes. the notes that the open market committee takes during their meetings where they discuss plans to raise interest rates. it's not as if we didn't expect them to raise rates further. the fed raises rates to fight inflation and inflation while cooling is still a problem. we called this the search for neutral, an interest rate high enough it discourages inflation but not so high it hurts the economy too bad. that's about 3%-ish. >>> the country of turkey has cut its interest rate despite a nearly 20% inflation rate. that's much, much worse than ours. now, cutting interest rates in runaway inflation would be like punting on first down. you can do it, but it's a terrible idea. >>> back at home i'm happy to report to you one of the key economic indicators today is chicken wings. chicken wing prices have sunk and they're cheaper than they were before the pande